Turkey Cuts Urals Crude Purchases To Lowest Since April

Ankara is the second largest importer of Russian oil after India.

Turkey's imports of Russian crude fell in September to their lowest since April amid competition from alternative grades and rising concerns over Western sanctions, traders said and LSEG data showed, The Moscow Times reported.

Turkey is the second-largest importer of seaborne Urals crude after India. It has not joined Western sanctions against Russia but abides by international laws and restrictions.

On Thursday, after two hours of talks with Turkish President Recep Tayyip Erdogan, U.S. President Donald Trump expressed confidence that Ankara would accept his proposal and stop importing Russian oil.

Russian ruler's press secretary Dmitri Peskov said Friday that trade and economic cooperation with Turkey continues.

"This is a sovereign state, which itself makes decisions in which areas to cooperate with us. And if some types of trade in some goods seem favorable to the Turkish side, the Turkish side will continue to do so," Peskov said.

Turkey's Urals crude oil imports will total about 1.2 million tons in September, up from about 1.6 million tons per month in June-July this year, LSEG data showed.

Turkey's two main refiners, Tupras and the SOCAR-controlled STAR refinery, are buyers of Russian crude.

Tupras bought about 700,000 tons of Russian Urals crude in September, while STAR bought only about 500,000 tons, almost half the amount it bought in June-July, LSEG data showed Friday. The data may be updated at the end of the month.

Tupras had previously cut purchases of Russian crude earlier in the year due to a price cap, but then resumed purchases after Russian crude began priced below $60 a barrel.

The EU and Britain have imposed a lower price cap on Russian crude at about 15% below the market price, or about $47.6 a barrel.

The price cap prevents Western companies from providing insurance or transportation services for Russian oil cargoes sold at a price higher than a set price.

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